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Purchases and sales of authorized investments will only be made through financial <br />institutions that are qualified as public depositories by the Chief Financial Officer of the <br />State of Florida or are "primary dealers" as designated by the Federal Reserve Bank of <br />New York or are broker/dealers that qualify under Securities and Exchange Commission <br />Rule 15C3 (Uniform Net Capital Rule). <br />The Investment Advisory Committee must approve all brokers and dealers who desire to <br />transact trades with the County. All brokers and dealers who desire to transact trades with <br />the County must provide the Chief Deputy Comptroller with the following: <br />A. Audited financial statements, <br />B. Proof of Financial Industry Regulatory Authority certification, unless the broker <br />falls under the classification of a "bank dealer", and then must provide a company <br />letter stating such, <br />C. Proof of state registration, when required, and <br />D. Certification of having read the County Investment Policy. <br />Brokers and dealers who have been approved by the Investment Advisory Committee must <br />provide annual audited financial statements to the Chief Deputy Comptroller. The <br />Investment Advisory Committee will annually review the list of approved institutions and <br />brokers. <br />XI. SAFEKEEPING AND CUSTODY <br />All securities purchased by the Clerk shall be properly designated as an asset of the County <br />and held in safekeeping by a third party custodial bank, chartered by the United States <br />Government or the State of Florida, and no withdrawal of such securities, in whole or in <br />part, shall be made from safekeeping except by the Chief Deputy Comptroller or his <br />designee. <br />The Clerk will execute third party custodial agreements with banks. Such agreements will <br />include details as to the responsibilities of each party, the costs to be borne by each party, <br />notification of security purchases, sales, delivery, repurchase agreements and wire <br />transfers, safekeeping and transaction costs, and procedures in case of unforeseen mishaps. <br />XII. AGREEMENTS <br />The Clerk will execute bank and investment agreements. Such agreements will include <br />details as to the responsibilities of each party, costs to be borne by each party, notification <br />of wire transfers, and transaction costs. <br />XIII. BID REQUIREMENTS <br />76 <br />